- Solana liquid staking market may witness monumental growth towards $18 billion in TVL.
- Exchange outflows pinpointed positive sentiment in the market, further reinforcing the bullish bias.
Solana’s [SOL] Total Value Locked is growing at a consistent pace. According to a tweet by a renowned analyst, the liquid staking token market could increase by five times and eventually drive Solana’s TVL up to $18 billion.
The new liquid staking tokens from Binance, Bybit, and Bitget may accelerate the pace.
As TVL grows, Solana becomes more secure and attractive for the market participants. This increase may potentially drive more liquidity into the network, boosting DeFi activities.
Source: DeFiLlama
Whale activity pulls significant liquidity pools
Adding to the aforementioned surge in TVL, whale activity continues to influence Solana’s market. The liquidation heatmap data from Coinglass indicated a $10 million liquidity pool at the $138 price level.
This signals a bullish bias as whales protect that price range.
Source: Coinglass
With this increased locking of assets into protocols, prices could stabilize or rise further. Whale activity seems to be the key to making some sense out of the future market movements of Solana.
Solana exchange outflows flash bullish sentiment
Exchange outflows signal that investors are holding SOL rather than selling. More SOL is being locked into staking protocols, decreasing liquidity on exchanges. This scarcity suggests that prices may rise in the future as demand increases.
As TVL grows, exchange outflows add to the bullish sentiment, pushing SOL higher.
Source: Coinglass
The stochastic RSI recently indicated a bullish crossover. This signals an upward momentum for Solana in the near future.
Read Solana’s [SOL] Price Prediction 2024-25
Chart patterns also show strong support at the $135-$138 range, aligning with liquidity pools as a result of whale activity.
Solana growing TVL, driven by liquid staking and whale activity, signals a promising near future. With exchange outflows fading the sell pressure, SOL could experience significant gains in the near term.
